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3 Responses to “UK – Mortgages. What is the upper age limit for taking out a new mortgage? And for how many years?”

1. in vino veritas says:

   September 28, 2010 at 2:18 am

   I'm not sure that there is a legal upper limit, however, lenders may be unwilling to lend past your retirement date.

   For example if you were 50 and due to retire at 65, lenders may be unwilling to lend for longer repayment period than 15 years.

   It may be possible to extend the repayment term if you could show that your pension provision could still adequately cover the mortgage repayments.

   If you are already retired or will have a low income, an equity release mortgage MAY be suitable. The lender gives you a small monthly income and usually a large lump sum in return for a share in your house. This can be worthwhile as long as you're aware that you may not have much to leave to your children when you die. For most people it is best to avoid these schemes and you should take independent financial advice before embarking on one.
2. kenjinuk says:

   September 28, 2010 at 6:48 am

   you can get a mortgage up to 70. Halifax only 65, but if you can show how you will pay it off then companies will agree any age for a 25 year mortgage.
3. David S says:

   September 28, 2010 at 8:58 am

   I took out a new mortgage when I was about 66. It is an interest free mortgage and I can keep it indefinitely, but I had to prove that I had other assets.